IMF Staff Country Reports

Former Yugoslav Republic of Macedonia: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Payment Systems, Monetary and Financial Policy Transparency, and Anti-Money Laundering and Combating the Financing of Terrorism

December 2, 2003

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International Monetary Fund. Monetary and Capital Markets Department "Former Yugoslav Republic of Macedonia: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Payment Systems, Monetary and Financial Policy Transparency, and Anti-Money Laundering and Combating the Financing of Terrorism", IMF Staff Country Reports 2003, 374 (2003), accessed 12/14/2025, https://doi.org/10.5089/9781451826081.002

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Summary

The financial system remains vulnerable to weak governance in smaller banks and also to weaknesses in banks’ balance sheets. Banking is characterized by high real interest rates, large spreads, and a limited appetite for lending. Stress tests indicate that the banking system is relatively resilient to the direct effects of individual shocks, with credit risk having the greatest impact. Deficiencies in the framework for banks’ liquidity management are developmental in nature but need to be addressed to avoid systemic problems.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank deposits, Banking, Commercial banks, Credit, Credit risk, Crime, Financial institutions, Financial regulation and supervision, Legal support in revenue administration, Money, Revenue administration

Keywords: a number of bank, Anti-money laundering and combating the financing of terrorism (AML/CFT), bank lending, bank liability, bank supervisor, Central and Eastern Europe, Commercial banks, CR, Credit, credit risk, Credit risk, Eastern Europe, Europe, foreign currency, FYR Macedonia, interest rate, ISCR, Legal support in revenue administration, money market

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